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PyroGenesis Inc. designs, develops, manufactures, and commercializes plasma processes and solutions worldwide. The company offers DROSRITE, a process for enhancing metal recovery from dross without any hazardous by-products; plasma atomization process that allows produce and sell spherical metal powders; PUREVAP, a process to produce high purity metallurgical and solar grade silicon from quartz; and PUREVAP NSiR, which is designed to transform silicon into spherical silicon nano powders and nanowires for use in lithium-ion batteries. It provides plasma torches and plasma torch systems used to replace fossil fuel burners in industrial iron ore pelletization process; plasma arc waste destruction systems for waste destruction onboard ships; steam plasma arc refrigerant cracking systems for the destruction of certain refrigerants, including chlorofluorocarbons, hydrofluorocarbons, and hydrochlorofluorocarbons; plasma arc chemical warfare agent destruction systems, which are mobile platforms for the onsite destruction of chemical warfare agents; plasma resource recovery systems for land-based waste destruction and waste-to-energy applications; plasma torches for waste gasification and combustion; and plasma arc gasification and vitrification. It servers defense, metallurgical, mining, additive manufacturing, oil and gas, and environmental industries. Further, the company provides installation, commissioning, and start-up services. The company is headquartered in Montreal, Canada.
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PyroGenesis Canada Inc. develops and manufactures plasma-based systems and technologies used to produce specialty metal powders, treat industrial waste and water, and supply engineering solutions to mining, defence and additive-manufacturing customers. Long-term growth drivers include commercial adoption of plasma atomization for high-value powders, demand for waste-to-energy and environmental remediation solutions, and recurring project and aftermarket sales, which may benefit from tighter environmental rules and demand for advanced materials; investors may find the company’s IP and niche positioning attractive. Key risks include a history of unprofitable operations, reliance on a small number of contracts, execution and scaling challenges, and potential need for external financing that could dilute shareholders.
Note: The summary and risk score provided above is created by AI and should not be construed as a recommendation of Kalkine.
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Income before tax | -14.86M | -6.71M | -28.73M | -32.09M | -39.17M |
| Net income | -14.76M | -6.67M | -28.50M | -32.17M | -38.43M |
| Selling general administrative | 14.44M | 8.91M | 26.62M | 27.79M | 26.31M |
| Selling and marketing expenses | - | - | 1.68M | - | - |
| Gross profit | 3.80M | 5.30M | 3.44M | 8.14M | 12.43M |
| Reconciled depreciation | 2.07M | - | 2.18M | 2.12M | 1.39M |
| Ebit | -13.75M | -6.49M | -27.07M | -23.20M | -17.34M |
| Ebitda | -11.68M | -5.99M | -25.57M | -20.96M | -15.82M |
| Depreciation and amortization | 2.07M | 0.50M | 1.50M | 2.24M | 1.53M |
| Operating income | -12.75M | -6.49M | -29.74M | -23.20M | -17.34M |
| Other operating expenses | 25.33M | 22.14M | 42.08M | 42.21M | 48.41M |
| Interest expense | 1.11M | 1.17M | 0.90M | 0.67M | 0.52M |
| Tax provision | -0.10M | 0.00M | -0.00M | 0.08M | -0.74M |
| Interest income | 1.11M | 0.23M | 2.28M | 8.34M | 21.43M |
| Net interest income | -0.00M | - | 1.60M | -0.55M | -0.40M |
| Income tax expense | -0.10M | -0.03M | -0.22M | 0.08M | -0.74M |
| Total revenue | 12.57M | 15.65M | 12.35M | 19.01M | 31.07M |
| Total operating expenses | 16.55M | 11.79M | 33.18M | 31.34M | 29.77M |
| Cost of revenue | 8.77M | 10.35M | 8.90M | 10.87M | 18.64M |
| Total other income expense net | -2.11M | -0.22M | 1.01M | -8.89M | -21.83M |
| Net income from continuing ops | -14.76M | - | -29.65M | -32.17M | -38.43M |
| Net income applicable to common shares | - | -6.67M | -28.50M | -32.17M | -38.43M |
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Total assets | 17.29M | 29.20M | 28.44M | 47.67M | 69.77M |
| Intangible assets | 1.09M | 1.46M | 1.30M | 2.10M | 2.77M |
| Other current assets | 1.34M | 0.69M | 1.51M | 1.20M | 2.05M |
| Total liab | 27.71M | 32.66M | 31.66M | 30.80M | 29.00M |
| Total stockholder equity | -10.43M | -3.46M | -3.22M | 16.87M | 40.77M |
| Deferred long term liab | - | - | - | - | 0.18M |
| Other current liab | 4.84M | - | 6.22M | 6.07M | 6.73M |
| Common stock | 99.67M | 94.80M | 90.67M | 85.48M | 82.10M |
| Capital stock | 99.67M | - | - | 85.48M | 82.10M |
| Retained earnings | -143.32M | -128.14M | -121.89M | -93.38M | -61.22M |
| Other liab | - | - | - | - | 1.75M |
| Good will | - | - | - | 2.66M | 2.66M |
| Other assets | - | 0.23M | - | -0.00M | -0.00M |
| Cash | 1.09M | 2.98M | 1.80M | 3.45M | 12.20M |
| Cash and equivalents | - | - | - | 0.00M | 8.63M |
| Total current liabilities | 26.16M | 28.57M | 23.81M | 25.80M | 24.75M |
| Current deferred revenue | 9.88M | - | 10.99M | 9.67M | 9.40M |
| Net debt | 5.56M | - | 7.79M | 3.47M | -4.98M |
| Short term debt | 5.09M | 0.09M | 1.75M | 3.73M | 3.02M |
| Short long term debt | 2.74M | - | - | 1.06M | 0.08M |
| Short long term debt total | 6.65M | - | 9.59M | 6.92M | 7.22M |
| Other stockholder equity | 33.43M | 0.27M | 27.59M | 24.77M | 19.88M |
| Property plant equipment | - | 7.60M | - | 8.21M | 9.48M |
| Total current assets | 10.74M | 19.35M | 16.80M | 27.45M | 38.76M |
| Long term investments | 0.05M | - | - | 6.24M | 14.90M |
| Net tangible assets | - | - | - | - | 35.51M |
| Net receivables | 5.93M | 10.42M | 11.58M | 20.92M | 23.62M |
| Long term debt | 0.16M | 0.89M | - | 0.32M | 0.11M |
| Inventory | 2.38M | 2.54M | 1.91M | 1.88M | 0.89M |
| Accounts payable | 6.35M | - | 4.85M | 6.32M | 5.60M |
| Accumulated other comprehensive income | -0.21M | - | 0.41M | 0.00M | 0.00M |
| Non currrent assets other | 0.59M | - | 0.05M | 1.00M | 1.20M |
| Non current assets total | 6.55M | - | 11.63M | 20.22M | 31.01M |
| Capital lease obligations | 3.75M | - | - | 5.53M | 5.32M |
| Long term debt total | - | 4.10M | - | 3.18M | 2.50M |
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Investments | 2.82M | - | 1.46M | -0.37M | 3.66M |
| Change to liabilities | - | - | - | - | 4.46M |
| Total cashflows from investing activities | 2.56M | 1.66M | 3.05M | -0.37M | 2.72M |
| Net borrowings | 0.62M | - | 2.76M | - | -0.28M |
| Total cash from financing activities | 5.65M | 1.52M | 7.37M | 2.64M | 9.47M |
| Change to operating activities | - | - | - | - | 0.12M |
| Net income | -14.76M | -6.67M | -28.50M | -32.17M | -38.43M |
| Change in cash | -1.89M | 1.17M | -1.64M | -8.76M | -5.90M |
| Begin period cash flow | 2.98M | 1.80M | 3.45M | 12.20M | 18.10M |
| End period cash flow | 1.09M | 2.98M | 1.80M | 3.45M | 12.20M |
| Total cash from operating activities | -10.09M | -2.10M | -12.05M | -11.13M | -18.11M |
| Issuance of capital stock | 5.23M | - | 6.28M | 1.32M | 0.00M |
| Depreciation | 2.07M | 1.41M | 2.20M | 2.12M | 1.39M |
| Other cashflows from investing activities | -0.25M | 2.01M | -0.25M | 0.32M | 4.47M |
| Dividends paid | 0.00M | - | 0.00M | 0.00M | 0.00M |
| Change to inventory | 0.17M | -0.64M | -0.03M | -0.99M | -0.84M |
| Change to account receivables | 1.74M | -0.98M | 9.55M | -0.99M | -12.37M |
| Sale purchase of stock | - | 4.04M | 5.11M | 2.73M | -4.18M |
| Other cashflows from financing activities | -0.45M | -0.62M | -0.92M | 2.23M | 13.94M |
| Change to netincome | - | - | - | - | 31.60M |
| Capital expenditures | 0.26M | 0.35M | 0.08M | 0.69M | 1.75M |
| Change in working capital | 0.11M | -0.06M | 9.83M | 4.39M | -12.59M |
| Stock based compensation | 0.69M | - | 3.11M | 5.54M | 9.76M |
| Other non cash items | 1.91M | 3.23M | 1.53M | 9.03M | 22.33M |
| Free cash flow | -10.36M | -2.45M | -12.12M | -11.82M | -19.86M |
Sector: Industrials Industry: Specialty Industrial Machinery
|
Stock Name
|
Change
(CAD) |
Price
(CAD) |
Trailing
PE (x) |
Forward
PE (x) |
Price Sales
TTM (x) |
Price to Book Value (x)
|
Enterprise Value
to Revenue (x) |
Enterprise Value
to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| PYR PyroGenesis Canada Inc. |
0.01 7.89% |
0.20 | - | 243.90 | 7.21 | 25.32 | 7.82 | -5.92 |
| SCHN Schneider Electric CDR (CAD Hedged) |
-0.79 3.38% |
22.55 | 2.11 | 1.71 | 0.24 | 0.39 | 4.14 | 19.84 |
| ATS ATS CORP |
-2.30 8.68% |
24.20 | 236.74 | 20.92 | 1.56 | 2.47 | 2.01 | 24.10 |
| SIS Savaria Corporation |
0.81 2.69% |
30.77 | 30.17 | 21.10 | 2.28 | 3.26 | 2.49 | 14.43 |
| VLN Velan Inc. |
-0.01 0.06% |
17.49 | 83.37 | 18.15 | 1.16 | 1.33 | 0.85 | 7.72 |
PyroGenesis Inc. designs, develops, manufactures, and commercializes plasma processes and solutions worldwide. The company offers DROSRITE, a process for enhancing metal recovery from dross without any hazardous by-products; plasma atomization process that allows produce and sell spherical metal powders; PUREVAP, a process to produce high purity metallurgical and solar grade silicon from quartz; and PUREVAP NSiR, which is designed to transform silicon into spherical silicon nano powders and nanowires for use in lithium-ion batteries. It provides plasma torches and plasma torch systems used to replace fossil fuel burners in industrial iron ore pelletization process; plasma arc waste destruction systems for waste destruction onboard ships; steam plasma arc refrigerant cracking systems for the destruction of certain refrigerants, including chlorofluorocarbons, hydrofluorocarbons, and hydrochlorofluorocarbons; plasma arc chemical warfare agent destruction systems, which are mobile platforms for the onsite destruction of chemical warfare agents; plasma resource recovery systems for land-based waste destruction and waste-to-energy applications; plasma torches for waste gasification and combustion; and plasma arc gasification and vitrification. It servers defense, metallurgical, mining, additive manufacturing, oil and gas, and environmental industries. Further, the company provides installation, commissioning, and start-up services. The company is headquartered in Montreal, Canada.
1100 RenE-LEvesque Boulevard West, Montreal, QC, Canada, H3B 4N4
514 937 0002
88
| Name | Title | Year Born |
|---|---|---|
| Mr. Photis Peter Pascali Jr. | Chairman, Pres & CEO | 1960 |
| Mr. Andre Mainella C.A., CPA | Chief Financial Officer | NA |
| Mr. Pierre Carabin MEng, P.Eng. | CTO & Chief Strategist | 1969 |
| Ms. Rodayna Kafal | VP of Investor Relations, Communications & Strategic Bus. Devel. and Director | NA |
| Ms. Me Sara-Catherine L. Tolszczuk | Corp. Sec. | NA |
| Mr. Massimo Dattilo | VP of Sales | NA |
| Mr. Photis Peter Pascali Jr. | President, CEO & Director | 1960 |
| Ms. Rodayna Kafal | Vice President of Investor Relations & Strategic Business Development | NA |
| Mr. Mark Paterson | General Counsel & Secretary | NA |
| Mr. Massimo Dattilo | Vice President of Sales | NA |
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